About the Spraberry field, an FBR analyst said, "...With a dominant 900,000 acre position (53% of total acreage available) in the Spraberry field, 20,000+ identified locations, and $1.1M to $1.2M per well, this asset base has the capacity to absorb a tremendous amount of capital and should allow the company to earn substantial above-average returns on it for decades to come."

FBR also increased the price target for Pioneer in a big way, moving it from $60 to $85.